The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through April 29.
See READSUMS for previous lists.
1. Most Dangerous Bond Market in History Divides BlackRock, Allianz
(Bloomberg) -- Bond investors are taking bigger risks than ever before. Yields on $7.8 trillion of government bonds have been driven below zero by worries over global growth, meaning money managers looking for income are pouring into debt with maturities of as long as 100 years. Central banks’ policy is exacerbating matters, as the unprecedented debt purchases to spur their economies have soaked up supply and left would-be buyers with few options.
2. Loeb’s Third Point Says Hedge Funds in ’Catastrophic’ Period
(Bloomberg) -- Third Point, founded by Dan Loeb, said hedge funds are in the first stage of a “washout” after “catastrophic” performance this year.
3. U.S. Stocks Drop as Dollar’s Plunge Boosts Commodities to Bonds
(Bloomberg) -- Stocks fell from Tokyo to New York as central banks showed little will to step up support for flagging economies amid disappointing corporate results. The dollar tumbled the most in six weeks.
4. Deutsche Bank Board Erupts Into Conflict Over Legal Expenses
(Bloomberg) -- Deutsche Bank AG’s mounting legal costs led to open conflict on the supervisory board, with the deputy chairman publicly criticizing another member, Georg Thoma, for going too far in probing potential wrongdoing.
5. The Tokyo Whale Is Quietly Buying Up Huge Stakes in Japan Inc.
(Bloomberg) -- They may not realize it yet, but Japan Inc.’s executives are increasingly working for a shareholder unlike any other: the nation’s money-printing central bank.
6. Global Shares Extend Slump as Oil Sinks While Yen, Gold Rebound
(Bloomberg) -- Shares retreated around the world, with a gauge of global equities notching up its first three-day losing streak since February, as crude oil fell from a five-month high. The yen strengthened, reflecting investor caution before central bank meetings this week in the U.S. and Japan.
7. Brevan Howard Said to Get $1.4 Billion Redemption Requests
(Bloomberg) -- Investors in Brevan Howard Asset Management have asked to pull about $1.4 billion from the firm’s main hedge fund, according to two people with knowledge of the matter, as investors flee the industry at the fastest pace since the financial crisis.
8. Dollar Slump Upends Stocks, Boosts Metals as Treasuries Weaken
(Bloomberg) -- The dollar fell to the lowest level in almost a year on speculation the Federal Reserve won’t rush to raise interest rates. U.S. stocks fell and commodities extended gains in their best month since 2010.
9. Barclays Revenue Tops Estimates as Its Traders Weather Turmoil
(Bloomberg) -- Barclays Plc said revenue at the investment bank fell less than expected in turbulent markets and the firm avoided any new misconduct charges, helping to cushion a larger loss from selling unwanted assets.
10. Federal Reserve Leaves Door Open for June Rate Increase
(Bloomberg) -- Federal Reserve policy makers left open the door to raising interest rates in June by nodding to improvement in global financial markets and downplaying recent weakness in the U.S. economy.
1. Leicester, Luck and the First Management Guru: John Micklethwait
(Bloomberg View) -- This column should begin with a financial disclosure -- of the writer’s own ineptitude. For around 20 years, every August I have bet 20 pounds on Leicester City to win their league. The wall of my office at The Economist in London was festooned with the resulting betting stubs, to be mocked by my colleagues who followed more successful teams. True, Leicester did once finish second -- but that was back in the 1928-29 season; their main battle in my lifetime has been to avoid relegation, a struggle they have lost seven times. Last summer, having moved to New York to work for Bloomberg, I missed making my routine bet; the odds being offered on Leicester winning the title were 5,000-1, but, somewhere deep down, I assumed it was 20 pounds ($29) saved.
2. What the Fed Statement Signals and Why: Mohamed A. El-Erian
(Bloomberg View) -- The Federal Reserve acted as expected Wednesday: It left interest rates unchanged and used language that was somewhat more hawkish, increasing the probability of a rate increase in June.
3. Trump Starts Making Economic Sense: Narayana Kocherlakota
(Bloomberg View) -- Donald Trump has offered up a number of questionable ideas on how to manage the U.S. economy. Some of his latest proposals, though, might make a lot of sense.
4. Trump’s New Slogan Has Old Baggage From Nazi Era: Eli Lake
(Bloomberg View) -- Donald Trump has given up on winning historically literate voters. Consider the theme of his major foreign policy speech Wednesday: "America first."
5. Cruz Choice of Fiorina Shows His Desperation: Jonathan Bernstein
(Bloomberg View) -- Even by the standards of this presidential race, it seems a dubious strategy. Ted Cruz has named Carly Fiorina as his running mate, three months before the Republican convention and with several states yet to hold their primaries.
1. BOJ’s Kuroda Speaks About Japan’s Economy, Policy
(Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda talks about policy and the nation’s economy at a press briefing in Tokyo.
2. Ackman, Pearson Testify About Valeant, Drug Pricing
(Bloomberg) -- Bill Ackman, chief executive officer of Pershing Square Capital, and Mike Pearson, chief executive officer at Valeant Pharmaceuticals International Inc., testify before the Senate Special Select Committee on Aging about drug prices, Valeant’s business model and the impact on patients and the health-care system.
3. Bloomberg TV Debate on Implications of Brexit
(Bloomberg) -- Bloomberg hosts a debate in London to explore the possible implications of Britain leaving the European Union. Speakers: Mario Monti, former Italian Prime Minister; Norman Lamont, former U.K. Chancellor of the Exchequer; Nigel Lawson, former U.K. Chancellor of the Exchequer; Maurice Levy, chief executive officer of Publicis Groupe SA; Carolyn Fairbairn, Director General of the Confederation of British Industry; Jon Moulton, founder and managing partner of Better Capital. Moderator, Francine Lacqua, Bloomberg.
4. Donald Trump Speaks About U.S. Foreign Policy
(Bloomberg) -- Republican presidential candidate Donald Trump speaks in Washington about his outlook for U.S. foreign policy.
5. FDA Panel Meets on Sarepta’s DMD Drug
(Bloomberg) -- The FDA’s Peripheral and Central Nervous System Drugs Advisory Committee meets to discuss new drug application (NDA) 206488, eteplirsen injection for intravenous infusion for the treatment of Duchenne muscular dystrophy (DMD), sponsored by Sarepta Therapeutics Inc. BBTV 257996834
--With assistance from Anny Kuo in New York.